Market sinks in today's trading. Nifty 50 closed at 24,324.45 (-108.8, -0.5%) , BSE Sensex closed at 79,924.77 (-426.9, -0.5%) while the broader Nifty 500 closed at 22,977.65 (-89.7, -0.4%). Market breadth is sharply down. Of the 2,161 stocks traded today, 664 were on the uptick, and 1,482 were down.

Indian indices closed in the red, after opening flat today. The Indian volatility index, Nifty VIX, rose 0.7% and closed at 14.4 points. Adani Ports & Special Economic Zone received a letter of intent (LOI) for a 30-year concession at Gujarat's Deendayal Port.

Nifty Smallcap 100 and Nifty Midcap 100 closed in the red taking cues from the benchmark index. S&P BSE India Infrastructure and Nifty Low Volatility 50 were among the top index gainers today. According to Trendlyne’s Sector dashboard, Diversified Consumer Services emerged as the best-performing sector of the day, with a jump of over 1.2%.

Asian indices closed in the red while European indices are trading higher. US index futures traded higher, indicating a positive start to the trading session. Brent crude oil futures are trading up by 0.2% as industry data showed a bigger-than-expected draw in U.S. inventories.

• Relative strength index (RSI) indicates that stocks like Laurus Labs, Lupin, Firstsource Solutions, and Infosys are in the overbought zone.

• Asian Paints rises sharply as it hikes prices by 0.7-1% across its portfolio, effective today. The move reportedly comes to offset rising input costs.

• Infosys partners with Sector Alarm, backed by global investment firm KKR, for a five-year project to migrate their Enterprise Resource Planning systems to Microsoft Dynamics 365 Finance & Operations, aiming to modernize and streamline financial and operational frameworks.

• Greaves Cotton's wholly owned subsidiary, Greaves Finance, partners with ACKO to cross-sell insurance and financing options through its evfin platform.

• Morgan Stanley expects that Indian companies will likely report muted earnings in Q1 due to a high base. The brokerage expects revenue and net profit growth of 6% and 7%, respectively for companies in the Sensex index. It is ‘Overweight’ on financials, consumer discretionary, industrials and technology.

  Indian companies may report muted earnings for first quarter of current financial year given the high base, say brokerages.
  
  Read: https://t.co/4ftlAzVZXU pic.twitter.com/MifKE8fReE

  — NDTV Profit (@NDTVProfitIndia) July 10, 2024

• Sharekhan retains its 'Buy' call on Dabur India with a higher target price of Rs 715 per share. This indicates a potential upside of 12.8%. The brokerage sees revenue growth in the medium term driven by market share gains, distribution expansion, investments in power brands, and new launches. It expects the company's revenue to grow at a CAGR of 8% over FY25-26.

• Siemens' consortium with Rail Vikas Nigam reportedly wins a Rs 766 crore order from Bangalore Metro Rail Corp for the electrification of the Bengaluru Metro Phase 2 project. The company will receive its share of approx Rs 558 crore as part of the consortium.

• Lloyds Metals & Energy raises Rs 1,218 crore through a qualified institutional placement (QIP). The company issues 1.8 crore shares at Rs 696 per share to long-only funds, mutual funds, and insurance companies.

• BofA Securities downgrades its rating on HDFC Bank to 'Neutral' with a lower target price of Rs 1,830. The brokerage expects FY25 will pose challenges for the lender. It anticipates a balanced mix of positives and negatives during the year. It foresees the risk-reward ratio remaining within a narrow range over the coming 12 months.

  Following a 20% rally in shares of #HDFCBank on the back of value buying and optimism around the likely increase in MSCI weightage, BofA has downgraded the private sector lender to neutral from buyhttps://t.co/a6D5dxppfG

  — ETMarkets (@ETMarkets) July 10, 2024

• Delhivery falls as 2.3 crore shares (3.2% stake), amounting to Rs 910.2 crore, reportedly change hands in a block deal. The Canada Pension Plan Investment Board (CPPIB) is a likely seller in the transaction.

• IDBI Capital initiates coverage on Sansera Engineering with a 'Buy' call and a target price of Rs 1,625 per share. This indicates a potential upside of 19.%. The brokerage believes the company's expansion into high-margin export markets will further boost profitability and EPS. It expects revenue to grow at a CAGR of 10.7% over FY25-27.

• Supreme Industries rises sharply as Jefferies upgrades the target price to Rs 6,700 per share while maintaining its 'Buy' call. This indicates a potential upside of 12.8%. The brokerage believes the company is well-positioned in housing, capex, and agriculture, estimating a 25% EPS CAGR over FY24-27.

• India and Russia aim to boost bilateral trade to $100 billion by 2030, address trade imbalances, remove non-tariff barriers, and explore collaboration within the Eurasian Economic Union (EAEU). Trade between the two countries reached $65.6 billion in FY24, marking a 33% annual increase and nearly 5X higher than pre-pandemic levels of $10.1 billion. Trade has notably surged since 2022, driven by Indian fuel importers purchasing discounted Russian crude.

  India & #Russia are looking to raise bilateral trade to $100 billion by 2030, balance the lopsided trade, eliminate non-tariff trade barriers, and explore the possibility of a Eurasian Economic Union-India Free Trade Area.@Subhayan_ism @shreyanandi15 https://t.co/OXa2jchggg

  — Business Standard (@bsindia) July 10, 2024

• Auto stocks like Mahindra & Mahindra, Tata Motors, Bajaj Auto, TVS Motor, and Hero MotoCorp are falling in trade. All constituents of the broader sectoral index, Nifty Auto, barring Maruti Suzuki and Eicher Motors are also trading in the red.

• Adani Port receives a letter of intent (LOI) for a 30-year concession at Deendayal Port. The agreement involves developing, operating, and maintaining Berth No. 13 for handling multipurpose clean cargo, including container cargo.

• Krishna Institute of Medical Sciences acquires a 100% stake in Chalasani Hospitals for Rs 75 crore. Chalasani Hospitals is a 200-bed multi-specialty hospital in Vizag.

• According to a poll of economists, India’s retail inflation is expected to rise to 4.8% in June, driven by vegetable prices, which surged due to extreme weather conditions. Prices of staples like onions, tomatoes, and potatoes grew by double digits in June.

  #India #inflation seen up in June due to soaring #vegetable priceshttps://t.co/bfUeDhKcgs

  — Economic Times (@EconomicTimes) July 10, 2024

• Mankind Pharma rises sharply after 37 lakh shares (0.9% stake), amounting to Rs 770.7 crore, reportedly change hands in a block deal. Hema CIPEF is the likely seller in the transaction.

• Rail Vikas Nigam rises sharply as it bags an order worth Rs 187.3 crore from Maharashtra Metro Rail Corp (MMRC) to construct six elevated metro stations in Nagpur.

• Bansal Wire Industries' shares debut on the bourses at a 39.1% premium to the issue price of Rs 256. The Rs 745 crore IPO has received bids for 59.6 times the total shares on offer.

• Mahindra & Mahindra declines more than 6% as it announces price cuts for its top-selling SUV 'XUV 700' by 10% from Rs 21.5 lakh to Rs 19.5 lakh on an ex-showroom basis due to overall weak passenger vehicle demand.

  ????M&M shares decline over 6% to be top losers on Nifty 50 — Here's why ????https://t.co/vsI9kllow8 pic.twitter.com/EMqIjTuXH7

  — CNBC-TV18 (@CNBCTV18Live) July 10, 2024

• Emcure Pharmaceuticals' shares debut on the bourses at a 31.4% premium to the issue price of Rs 1,008. The Rs 1,952 crore IPO has received bids for 67.9 times the total shares on offer.

• Delta Corp falls sharply as its net profit plunges by 68.1% YoY to Rs 21.7 crore in Q1FY25. Revenue declines by 28.3% YoY to Rs 195.8 crore due to lower sales from the gaming operations and hospitality segments. It appears in a screener of stocks with declining net cash flow.

• BLS International Services' arm, BLS International FZE, acquires a 100% stake in iDATA for Rs 720 crore. iDATA is a Turkey-based visa and consular services provider.

• Havells India is rising as it plans to expand its cable production capacity at the Alwar plant by 41.2 lakh km annually by March 2026 with an investment of Rs 375 crore.

• Nifty 50 was trading at 24,394.75 (-38.5, -0.2%) , BSE Sensex was trading at 80,481.36 (129.7, 0.2%) while the broader Nifty 500 was trading at 23,061.65 (-5.7, 0.0%)

• Of the 1,943 stocks traded today, 1,244 were on the uptrend, and 663 went down.

Riding High:

Largecap and midcap gainers today include Rail Vikas Nigam Ltd. (609.95, 12.4%), Indian Railway Finance Corporation Ltd. (203.71, 4.0%) and Asian Paints Ltd. (2,996.45, 3.2%).

Downers:

Largecap and midcap losers today include Mahindra & Mahindra Ltd. (2,732, -6.6%), UNO Minda Ltd. (1,060.25, -4.5%) and Bandhan Bank Ltd. (192.43, -4.2%).

Volume Rockets

23 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Shoppers Stop Ltd. (895.95, 16.8%), Indigo Paints Ltd. (1,538.20, 10.7%) and Rajesh Exports Ltd. (315.35, 10.1%).

Top high volume losers on BSE were Mahindra & Mahindra Ltd. (2,732, -6.6%), Multi Commodity Exchange of India Ltd. (3,717.95, -4.1%) and Indian Energy Exchange Ltd. (176.12, -4.0%).

Pfizer Ltd. (5,018.80, 6.5%) was trading at 16.1 times of weekly average. Prism Johnson Ltd. (172.20, 4.7%) and Swan Energy Ltd. (721.75, -0.8%) were trading with volumes 9.6 and 9.2 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

32 stocks made 52 week highs,

Stocks touching their year highs included - Aurobindo Pharma Ltd. (1,337.10, 0.4%), Bharat Electronics Ltd. (333.85, -0.3%) and Britannia Industries Ltd. (5,755.55, 1.5%).

8 stocks climbed above their 200 day SMA including Indigo Paints Ltd. (1,538.20, 10.7%) and Westlife Foodworld Ltd. (855.90, 2.4%). 12 stocks slipped below their 200 SMA including Jindal Worldwide Ltd. (332, -3.4%) and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (687.20, -2.5%).